The Oct’25 Brent Futures contract initially rallied to $66.00/bbl at 09:40 BST before falling to $65.78/bbl at 09:58 BST. Prices have climbed back up to $65.93/bbl at 11:20 BST (time of writing). In the news, Reliance Industries, India’s largest buyer of Russian oil, has recently purchased cargoes of fuel oil from state-run Hindustan Petroleum Corp (HPCL), signalling a possible diversification in sourcing as US pressure mounts over India’s energy ties with Russia. This shift comes as Russian fuel oil exports to are projected to fall below 400kt in August, down from over 750 kt in July. With uncertainty over future Russian imports, Reliance may pivot back to Middle Eastern supplies if needed. In other news, Vietnam’s Binh Son Refining and Petrochemical (BSR) has purchased 1 mb of WTI crude for November delivery, marking the country’s first US oil import in 2025. The light-sweet crude was bought from Mercuria as part of broader trade arrangements to avoid high US tariffs and reduce trade surpluses. Vietnam last imported US crude in December 2024 and typically sources oil from Kuwait, Brunei, and Libya. A South African court has revoked an environmental authorization granted to TotalEnergies and Shell for oil exploration off the Cape coast, citing failures to assess potential oil spill impacts and consider climate change. However, the court allowed TotalEnergies the opportunity to submit revised assessments to address these deficiencies. Environmental group Natural Justice welcomed the decision as a win for community rights and environmental accountability. Finally, the front-month Oct-Nov spread is at $0.54/bbl and the 6-month Oct/Apr is at $1.29/bbl.
